Property development company, Stantoll Properties, is set to build a small Auasblick kind of housing development in Ongwediva this year. According to Ben Zaaruka, Managing Director of Stantoll Properties he plans to make his contribution towards addressing the growing housing shortage in the northern part of the country.
This was made possible after fruitful business engagements with Standard Bank, which offered Stantoll Properties, a financing facility of N$80 million towards Zaaruka’s property development plans in the north. In addition Zaaruka also wants to set up affordable one bedroom flats for students close to the University of Namibian in the north.
Zaaruka said negotiations with Standard Bank were very productive and he was please with the way they handled the whole business transaction in a professional and diligent manner, “Because of rural urban migration, people always want to move away from rural areas to the city in search of a better life. However, they do not have to do so if we as business people can give back to the community by building affordable, cost effective and good quality property structures in the north,” he added.
He emphasised that this is his way of ploughing back into the community and assisting Government in addressing the housing shortage in our country, and added that it is time that a small Auasblick like suburb for Namibians was created in the north.
The latest business partnership will enable the local property development company to develop a total of 325 erven in Ongwediva which will cater for upper market and provide low cost houses, especially for first-time home owners and students.
The two main areas of development is the one for students close to UNAM in the north near Extension18 in Ongwediva. Besides starting with servicing the land for this upcoming property development Zaaruka also plans to construct the second phase of extending Oshana Mall in the town of Ongwediva during the first quarter of 2016.